Question

What is Deferred Tax Asset?

1) Revenue that is collected but recognized in income statements in later years
2) Revenue that is recognized in income statements but collected in later years
3) Revenue that is collected and recognized in income statements in the same year
4) Revenue that is neither collected nor recognized in income statements

Answer 1

A deferred tax asset is revenue that is recognized in income statements but collected in later years.

Step-by-step explanation:

A deferred tax asset is revenue that is recognized in income statements but collected in later years.